Artificial intelligence pioneers Fairly AI and SolasAI today announced a strategic partnership to enhance risk mitigation and address bias and discrimination within the platforms of often highly regulated industries including mortgage, aviation, finance, insurance and healthcare.
PHILADELPHIA, April 18, 2023 /PRNewswire-PRWeb/ -- Artificial intelligence pioneers Fairly AI and SolasAI today announced a strategic partnership to enhance risk mitigation and address bias and discrimination within the platforms of often highly regulated industries including mortgage, aviation, finance, insurance and healthcare.
With the number of artificial intelligence laws growing and risk continuing to increase—AI-related legislation rose from just one in 2016 to 37 in 2022 across 127 countries and a 26-time-increase in AI incidents and controversies between 2012 - 2021—the partnership allows teams to quickly identify, respond and mitigate risk at scale to meet growing regulatory demands.
"The true potential of AI can only be realized when we ensure it has been developed and deployed responsibly," said Fairly AI Chief Executive Officer and co-founder David Van Bruwaene. "We're focused on accelerating responsible AI innovation and our partnership allows us to safeguard the use of AI systems for the betterment of society without minimizing innovation."
The Fairly AI Oversight and Risk Management Platform™ for AI/ML enables technology and policy experts to bridge AI oversight gaps and features information reporting and testing, policies, built-in controls to fairness and bias testing; while SolasAI, with its innovative algorithmic fairness AI software, excels at identifying and mitigating bias and discrimination in algorithmic decisioning to avoid regulatory, legal and reputational risks. Together, they provide customers with a comprehensive and frictionless solution for data science, compliance and audit teams.
"Artificial intelligence is becoming more ingrained in day-to-day business, yet there are inherent dangers associated with it," said Larry Bradley, Chief Executive Officer of SolasAI. "Many regulated industry platforms are still built upon age-old presumptions and our partnership brings together two of the defining companies leveraging AI to enable organizations to use AI ethically and responsibly. And do this without stunting its transformational potential or limiting their ability to compete in the market with it."
Through the platform integration, teams can move models from ideation to production in days rather than weeks, collecting evidence and data in one place, capturing decisions, and coordinating disconnected teams. The entire process can be repeated, analyzed, and tracked across the business. Additional highlights include:
- Model Fairness Testing: Use a wide array of regulator and court accepted testing metrics and manager-ready reports to detect and quantify disparities in your model.
- Model Explainability & Mitigation: Use advanced techniques to understand drivers of model disparity and quality, and then quickly and safely adjust your model to reduce bias with minimal impact on quality.
- Model Visualizing: Providing the ability to view multiple models in one dashboard.
- Report Generation: Seamless and comprehensive report generation, providing simplified information streams to users.
To learn more about Fairly AI, visit Fairly.ai. To learn more about SolasAI, visit Solas.ai.
About Fairly AI
Fairly AI is on a mission to democratize safe, secure, and speedy AI across the enterprise. The Fairly AI Oversight and Risk Management Platform™ delivers Fast AI with Assurance, Integrity, and Reliability. Fairly's platform enables technology and policy experts to connect and collaborate, bridging the AI oversight gap seamlessly by making it easy to apply policies and controls throughout the model lifecycle. For more information, visit Fairly.ai.
About SolasAI
Developed in 2016 and established in 2021, SolasAI provides a distributed compliance and AI-based SaaS solution to the growing problem of bias and discrimination in models amplified by artificial intelligence and machine learning. Built on 45 years of experience and used by more than half of Fortune 50 companies, SolasAI is the only end-to-end, industry agnostic AI software solution to help banks, fintechs, insurers, and healthcare companies to achieve fairer outcomes for their customers by fixing their models rather than replacing them. For more information, visit Solas.ai.
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jason michael, Elasticity, 1 3143231425, [email protected]
SOURCE Elasticity
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